KUALA LUMPUR: Bank Negara Malaysia (BNM) said the managed float regime for the ringgit exchange rate has provided the economy greater flexibility to face the recent global economic and financial crisis.
The central bank said on Friday that July 22 marked the sixth year since the shift to this regime.
During the six-year period, it said the global economic and financial landscape experienced exceptional developments which were the worst global economic and financial crisis since the Second World War, and extreme volatility in two-way capital flows.
'The exchange rate regime has accorded the economy with greater flexibility in facing these challenges.'' As the global economy recovers, the ringgit has strengthened in line with Malaysia's stronger economic fundamentals,' it said.
BNM said the gradual and orderly adjustments of the ringgit have facilitated the corresponding changes to take place in the real economy.
It said that it would continue to focus on facilitating orderly market conditions to ensure international financial transactions could be carried out efficiently.
'Going forward, the managed float regime and the flexibility it accords will also continue to facilitate the transformation of the economy as we advance towards being a high-income nation,' it said.
The central bank said on Friday that July 22 marked the sixth year since the shift to this regime.
During the six-year period, it said the global economic and financial landscape experienced exceptional developments which were the worst global economic and financial crisis since the Second World War, and extreme volatility in two-way capital flows.
'The exchange rate regime has accorded the economy with greater flexibility in facing these challenges.'' As the global economy recovers, the ringgit has strengthened in line with Malaysia's stronger economic fundamentals,' it said.
BNM said the gradual and orderly adjustments of the ringgit have facilitated the corresponding changes to take place in the real economy.
It said that it would continue to focus on facilitating orderly market conditions to ensure international financial transactions could be carried out efficiently.
'Going forward, the managed float regime and the flexibility it accords will also continue to facilitate the transformation of the economy as we advance towards being a high-income nation,' it said.
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